Abu dhabi: Christian Stocker, Chancellor of the Republic of Austria, yesterday visited ADNOC's Headquarters during his official visit to the United Arab Emirates. The visit is part of efforts to bolster energy and industrial ties between the two countries.
According to Emirates News Agency, the visit followed a tour at the Make it in the Emirates platform where Chancellor Stocker met with Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). Dr. Al Jaber also serves as Chairman of Masdar and Executive Chairman of XRG.
The visit aligns with the recent completion of transactions by OMV Aktiengesellschaft (OMV) and ADNOC's global investment arm, XRG, to form Borouge International. This was achieved through the combination of Borouge and Borealis and the acquisition of NOVA Chemicals, creating a global polyolefins leader.
Austria is a strategically important European partner for ADNOC, marked by substantial long-term capital alignment and integration through OMV. Over the past 25 years, ADNOC has invested US$9 billion (AED33 billion) across Austria's energy, fuels, and chemicals sectors, supporting approximately 25,000 jobs in the country.
ADNOC currently holds a 24.9 percent shareholding in OMV, which is anticipated to be transferred to XRG, pending customary regulatory and corporate approvals.
